NGL Energy Partners LP (NGL) is an energy company with diverse portfolio. The company is engaged in the transportation, storage, marketing and distribution of logistic systems for crude oil, natural gas liquids. The company also focuses on transportation, treatment and dispose-off of water produced as a consequence of oil and natural gas production procedure.
The price of NGL stock during the regular trading on February 9, 2022 was $2.48 with an increase of 2.90%. At last check in the aftermarket, the stock dropped significantly by 11.29%.
NGL: Key Financials
On February 9, 2022, NGL released its financial results for the third quarter of fiscal year 2022 ended December 31, 2021. Some of the key highlights are mentioned below.
Revenue
Total revenue in Q3 2022 was reported to be $2171.8 million compared to $1462 million in the same period of 2021. The company recorded an increase of $709.8 million over the period of the year. The company beat the estimated revenue target of $1.94 billion.
EPS
Basic and diluted net loss per share in Q3 2022 was $18.9 million or $0.35 compared to $380.5 million or $3.13 in the same period of 2021. The net loss decreased over the period of the year. The company missed the estimated EPS target of $0.14.
NGL: CEO Comments
Speaking at the occasion, CEO of NGL Mike Krimbill stated that the company’s wholesale propane and crude oil logistics businesses was impacted by warm weather and commodity price fluctuations but its butane and refined products productions accomplished well. He further added that the company continued to see growth in its Water Solutions part as a result of improved customer activities.
On February 2, 2021, NGL updated about its strategic partnership with XRI Holdings, to modernize water management across operations in the Delaware Basin.
Conclusion
NGL stock is outperforming from the last six months period. The current aftermarket stock decline is the consequence of the missed estimated EPS target by the company. Although it beat the estimated revenue target and the company’s management optimism, the stock price is still lagging behind.
